Weekly Forex Analysis for GBP/JPY (Wk Srt 23/03/08)

Hey guys,

I forgot to mention in the video below that I will not take any trades today since it is a holiday and the markets can be unpredictable on holidays. So the analysis is for Tuesday onwards. We have three usable S+R lines this week and no scalps, watch the video for more info.

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18 thoughts on “Weekly Forex Analysis for GBP/JPY (Wk Srt 23/03/08)
  1. Nick,

    For a break, do you look for the 4 hr candle to have closed past the S+R line, or just basically when that line is broken and then make the trade.

  2. Thanks Nick!
    I am looking forward to make a few pips this week, with the great help of your analysis.
    Happy Easter

  3. Nick,

    When you trade the Gbp/Jpy do you use fib.lines in order to make sure that you trade at the 62% level which is the level that the British Pound loves to hit?

    Thanks…

    hilton

  4. Nick,

    Thanks for the reply mate. I just bought the course over at forexmentor.com/scalping(I don’t get paid for mentioning this!) and I often email Vic Noble.

    Now, Nick I know that you trade only from S/r lines only. But, in Vic Noble’s course, he does a whole lot of fib lines and you mentioned that you don’t do any of that.

    Personally I can’t see trading on the 4 hour chart because that is too big of a time frame for me. I like seeing profits every day. But, one thing he talks about in the course is trading the previous days high and lows.

    I traded the Gbp/Jpy previous high, yesterday, and scored 100 pips on 50 mini lots. That was one hell of a day. That kind of trade only occurs once or twice a week.

    Did you take the course from Vic Noble? And, if you did, what was the most valuable thing that you learned from it that has made you a successful trader?

    peace and prosperity,

    hilton

  5. Hi Nick-

    Two things:

    One in the past I’ve seen where when someone asks a question in the comments you refer them to ask it in the forum. In this case (perhaps because the question pertained only and specifically to something on this week’s chart?) you took time to give a well described answer right there to the question. That for ME was very helpful, and I appreciate it.

    The other is, you said in here that you did not take this trade, because you already had hit your target, which I sort of understand. OK, you don’t NEED more than the target, so when you hit it, stop trading. But then you went to the trouble of taking it in a demo account so you could accurately report how it went and what you did. This is what makes no sense to me. Why waste a perfectly good trade on a demo account, if you’re going thru the trade anyway, when you could just as easily bank real money? Is there some psychological reason for NOT taking another profitable trade just because you’ve hit your target? That’s the part that seems totally crazy to me.

    I am not trying to challenge you, please do not misunderstand! I’m just trying to understand your mental state here. You see, I’ve watched you long enough to know that you have a good way of thinking; and so the mindset to stay out of this one on the real account must be the better mindset in the long run. In fact, if it were anyone but you who said that, I would just dismiss it as crazy, but something tells me I am not quite getting something that is very important. That is why I ask.

    Jeff

  6. JeffNLisa »

    I usually ask people to ask in the forum because the forum gets much more hits than the comments section of the blog.

    To answer your second question… It all about greed, I don’t want to be greedy. If I reach my target x4 all in one trade I do not want to push it any further. We all know greed is one of those big pitfalls in trading. Ever since I was a newbie I taught myself not to be greedy. Now it is so ingrained in my trading that I do not even think about it. This is especially true when in one trade I manage to make 4 weeks worth of pips like I did that week.

    Make sense?

  7. Hello Nick,

    First I would like to thank you for taking the time to share your trading strategy. I have been following for a few weeks now and I am curious as to what you have to say about 201.02, 198.95, and 197.54 as far as them being scalp lines for this past week of trading. They all look shaky, but just wanted to know if you saw them as scalps.

    Thanks,
    pf

  8. Hi Nick,

    I have a friend that is a successful full time fx trader, beg him to teach me, he refused for some personal reason…anyway i managed to ask him how is his trading method…the tools are candlesticks(or price action), s+r, and fibo….

    except the fibs things, i think i got the other two method from you….

    Thanks Nick…appreciate